In South Korea, the government isn’t sure if Funda is a direct funder. Funda, ironically spelled like the New York pronunciation of the word, is one of several companies offering high yields to investors across their peer-to-peer lending marketplace. The average rate of return is 10.94%, according to Funda’s home page. But according to Bloomberg, […]View Post
The can of worms was set open with the shakedown of Ezubao, the Chinese P2P lending site which duped 900,000 investors of $7.6 billion in February this year.
Chinese police have been ordered to shut down illegal online lending sites and take swift action against suspects.
“We have so many fans but we also have some people here that are looking to take advantage of us, that are here for a short term trade and they won’t be part of this industry.” – Ron Suber, President of Prosper Marketplace Ron Suber may have been talking about specific players in the capital […]
Institutional investors wanted higher yields on Prosper’s latest bond offering, an entire five percentage points higher, according to the WSJ. This wasn’t necessarily brought on by performance either. Instead the once voracious appetite for all things online lending is being tempered by uncertainty. Bain Capital Ventures partner Matt Harris told the WSJ that online lenders […]
P2P lending platforms will increasingly rely on larger hedge funds to fund their expansion, The New York Hedge Fund Roundtable believes. The Roundtable is a non-profit organization committed to promoting education and best practices in the hedge fund industry. Timothy P. Selby, the organization’s president, said of a recent study they conducted, that institutional investors […]
Consumers can now borrow up to $40,000, an increase from the previous cap of $35,000. The new maximum should raise eyebrows. That’s because while one of Lending Club’s biggest allures is the ability to refinance credit cards into a lower rate over a fixed term, there are zero safeguards in place to ensure that the […]
It’s a “belt and suspenders” precaution according to Lending Club CEO Renaud Laplanche. The Madden v Midland case has forced the company to rethink their arrangement with WebBank, the chartered bank that allows them to make loans nationwide. Under the new terms, the fee LendingClub pays to WebBank for the loans it issues will be […]